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TMI Blog2012 (10) TMI 1154X X X X Extracts X X X X X X X X Extracts X X X X ..... at the pleadings are complete and as agreed by the parties on 07/08/2012 CP NO. 34(ND)/2012 is listed for final hearing on 15/ 10/2012 at 2.30 P.M. 3. Although paragraphs 24 25 of the application CA No.420/ 2012 give an impression that the application is filed by all the Petitioners, Shri U.K. Chaudhary, Ld.Sr.CounseI appearing for the applicants states that the application is filed not by Dr, Jung Bahadur Singh P-l ( henceforth referred as JBS) but solely by P-2, i.e. Gurmeet Singh. It is also an admitted fact that Gurmeet Singh holds only 0.03% shares in the company and is a Director on the Board of the company while JBS hold 40% of the equity in Frick India Limited (hereinafter referred to as the company). 4. A perusal of the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on relating to oppression and mismanagement or siphoning Of funds. Prayer (a) also appears to be for the purpose of collecting material to benefit JBS for making out a case for an investigative audit, as would appear hereinafter. This is not permissible under law as held in Mohta Bros.(P) Ltd. and Ors vs. Calcutta Landing and Shipping Co.Ltd. and Ors (1970) 40CompCast 19(Ca1): A shareholder has no ryht of access to the books of the company, but denial of access to such books is not an act of oppression as has been held by this court in a Bench decision, Rajya Lakshmi (Lalitha) v. Indian Motor Co.Ltd. MANU/WB/0037/1962; AIR 1962Ca1127. If a Petitioner cannot make out a case of mismanagement and oppression, because he was unable to collec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts were not incorporated in the petition. The possibility that JBS is receiving all papers for documentation through P-2 can also not be ruled out. 7. It is not in dispute that R-2 Jasmohan Singh, R-5 Mrs, Jasleen Kaur have initiated proceedings before the superior court in Commonwealth of Massachusetts in the U.S.A. to enforce a signed probate court settlement dated 22/ 12/2011 for transfer of 20% shares held by JBS to them in which their motion for seeking injunctive reliefs enjoining the defendant JBS from moving forward with an EOGM of the shareholders of the company from exercising voting rights on 40% shares at this meeting has been denied, In Such proceedings JBS had opposed the motion on the ground that the Company Law Board has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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